The Nigeria Labour Congress, NLC, has urged the Federal Government to introduce wage awards for workers and strengthen the country’s petroleum storage capacity as part of measures to cushion the impact of rising petrol prices.
The labour union also called for the sale of sufficient crude oil in naira to local refineries, arguing that the measures would provide a buffer against disruptions in the international oil market and help protect Nigerians from further economic hardship.
The demands were contained in a statement titled “Save the Situation Now” and signed by NLC President, Joe Ajaero.
The NLC expressed concern over the latest increase in petrol prices, saying the cost had reached about N1,430 per litre in major cities and was even higher in areas where petroleum products were less accessible.
According to the union, the increase was putting additional pressure on workers’ incomes and worsening poverty among Nigerians.
It said higher transportation costs would inevitably affect other areas of household expenditure, including food, school fees, rent and tariffs.
The NLC attributed the latest surge partly to the resurgence of conflict in the Gulf but argued that Nigeria’s status as an oil-producing country and its available local refining capacity should provide some protection against external shocks.
It said the government should therefore create an effective buffer against international disruptions by expanding national petroleum storage facilities to prepare for energy emergencies and strengthen energy security.
The union also maintained that government intervention through subsidies or other forms of support should not be ruled out during emergencies.
“There is nothing wrong with the government subsidising the needs of citizens, especially in emergency situations like this,” the statement said.
The NLC further argued that oil-producing countries were introducing different forms of intervention and palliatives to shield their populations from the effects of the current global energy situation.
It also pointed to the difference between international crude prices and the figure used in Nigeria’s budget, claiming that the government was currently earning an additional $35 to $40 per barrel above the budget benchmark.
According to the labour body, the additional earnings could amount to trillions of naira monthly and should provide room for the government to introduce measures that would ease the pressure on citizens.
The NLC said its proposed interventions would not only support workers but could also create jobs, generate economic value and help address emerging security challenges.
The union questioned the impact of deregulation on Nigerians, saying the government should not allow rising petrol costs to further deteriorate living conditions.
It urged the authorities to act immediately, particularly given the continuing pressure on household incomes and the broader economic consequences of higher energy and transportation costs.
